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<br />82 -^~.- it 4 ~ ti ti
<br />REAL ESTATE MORTGAGE
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That, F, D, ~ L Development Group, a Nebraska Partner-
<br />ship, of Hall County, and State of Nebraska, in consideration
<br />of the sum of Eight Hundred Twenty Five Thousand llollars
<br />($825,000) in hand paid, do hereby sell and convey unto
<br />Marv Maxine Baldwin, of Hall County, State of Nebraska,
<br />the following described premises situated in Hall County,
<br />and State of Nebraska, to-wit:
<br />Lot One (1) Former Third Subdivision in the
<br />Citv of Grand Island.
<br />The intention being to convey hereby an absolute title
<br />in fee simple, including all the rights of homestead
<br />and dower.
<br />TO HAVE AND TO HOLD the premises above-described,
<br />with all the appurtenances thereunto belonging unto the
<br />said Mary Maxine Baldwin and to her heirs and assigns,
<br />forever, provided always, and these presents are upon the
<br />express conditions that zf the said F, D, S L Development
<br />Fartnership, its heirs, executors, administrators ar assigns
<br />shall pay or cause to be paid to the said Mary Maxine Baldwin,
<br />her heirs, executors, administrators or assigns, the sum
<br />of $825,000, payable with interest thereon at fourteen
<br />(14) percent per annum, payable an or before October 10,
<br />1992, all according, to the tenor and effect of a promissory
<br />note bearing date of October 28, 1982, and shall pay all
<br />taxes and assessments levied upon said real estate before
<br />the same become delinquent, and keep the buildings on said
<br />premises insured for the sum of 5850,000 loss, if any,
<br />payable to the said mortgagee, then these presents to be
<br />void, otherwise to be and remain in full force. Principal
<br />and interest payable at Grand Island, Nebraska.
<br />IT IS FURTHER AGREED:
<br />1. That if the said mortgagor shall fail to-pay
<br />such taxes or procure such insurance, the said mortgagee
<br />may pay such taxes and procure such insurance; and the
<br />sum so advanced, with interest at sixteen (16) percent
<br />per annum shall be repaid by said mortgagor, and this
<br />mortgage shall stand as security far the same.
<br />2. It is stipulated and agreed that in case of
<br />any default in any of the said payments of principal or
<br />interest, taxes ar insurance, ar of any breach or violation
<br />of any of the covenants or agreements herein contained
<br />by the mortgagor, then and in that event the whole of said
<br />principal sum hereby secured, together with interest, may
<br />at the option of the balder become due and payable at
<br />once, and [he said premises sold as hereinafter provided.
<br />3. In case of anv default as above specified, the
<br />beneficiary ar holder of said indebtedness shall at once
<br />i.____r `1^d f^ ^d male of rho premises.
<br />VG c. utuc ~. .. .. .. ,.
<br />and shall~be entitledrtoiimmediate possession and use
<br />of the property, and to the rents, issues, and profits
<br />thereof, the same being hereby pledged and assigned as
<br />additional security for the indebtedness which zs secured
<br />by this instrument, and the balder of said indebtedness
<br />shall be entitled to a receiver of said property, and to
<br />rents, issues, and profits thereof, immediately upon sue!!
<br />default, and a receiver may be appointed by any court ui
<br />competent jurisdiction upon ex-parse application,
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